Yellen Confirmed As Fed Chairwoman

Jan 7 2014 | 2:07am ET

The U.S. Senate yesterday confirmed Janet Yellen to become the first woman to lead the Federal Reserve.

Yellen's nomination was easily approved by a vote of 56 to 26, with nearly a dozen Republicans joining the chamber's Democrats in backing the current Fed vice chairwoman. Still, Yellen's margin of victory was the smallest ever for a Fed chairman.

Yellen will succeed Ben Bernanke, who has led the central bank for eight years, on Feb. 1.

A former president of the Federal Reserve Bank of San Francisco, Yellen has been vice chairwoman of the Fed since 2010. She served as chairwoman of the Council of Economic Advisors under President Bill Clinton.

Yellen voted alongside Bernanke to begin cutting back on the Fed's bond-buying economic stimulus program last month. That may have eased her path with Senate Republicans, who have expressed concerns about the Fed's monetary policy.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of